Answer the following statements true (T) or false (F)
1) The vast majority of the labor forces of the low-income DVCs are engaged in agriculture.
2) Most of the DVCs of the world are located in Western Europe.
3) DVCs tend to have permanent shortages of farm labor.
4) Most nations of the world are now IACs, not middle- and low-income DVCs.
5) The most important growth obstacle common to all DVCs is the lack of desire to increase their standards of living.
1) T
2) F
3) F
4) F
5) F
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An increase in the income tax rate leads to a large increase in deadweight loss if ________
A) the labor supply curve is highly elastic B) the labor supply curve is perfectly inelastic C) the labor demand curve is elastic D) the labor demand curve is perfectly inelastic
Economists are generally in support of:
A) government restrictions on trade. B) free international trade. C) tariffs to restrict trade. D) subsidizing exports.